Availability Period Extensions Clause Samples
The Availability Period Extensions clause defines the conditions under which the timeframe for drawing funds or utilizing a facility under an agreement can be extended. Typically, this clause outlines specific events or requirements—such as delays in meeting certain conditions precedent or the occurrence of force majeure—that may justify prolonging the original availability period. By providing a structured mechanism for extending access to funds, this clause ensures flexibility for borrowers facing unforeseen delays and helps prevent the automatic lapse of financing due to circumstances beyond their control.
Availability Period Extensions. (i) Upon the written request of Seller to extend the Availability Period and provided that all of the extension conditions listed in clause (ii) below (collectively, the “Availability Period Extension Conditions”) shall have been satisfied, Purchaser may agree to extend the then-current Availability Period (each, a “Current Availability Period”) for a period not to exceed twelve (12) months from the expiration date of the Current Availability Period (each, a “Availability Period Extension”). Notwithstanding anything to the contrary herein, in no event shall the Availability Period be extended more than two (2) times pursuant to this Article 3(f). Purchaser may approve or disapprove any request for an Availability Period Extension in its sole and absolute discretion.
(ii) For purposes of this Article 3(f), the Availability Period Extension Conditions shall be satisfied if:
(A) Seller shall have delivered to Purchaser written notice of its request to extend the Current Availability Period at least thirty (30) days, but not more than sixty (60) days, prior to the expiration of the Current Availability Period (which notice may be revoked by Seller);
(B) Purchaser shall have received, on or before the expiration of the Current Availability Period, payment from Seller, as consideration for Purchaser’s agreement to extend the then Current Availability Period, of a Availability Period Extension Fee (Seller shall provide notice to Purchaser at least two (2) Business Days prior to the date on which Seller pays the Availability Period Extension Fee);
(C) no Material Adverse Effect, uncured Margin Deficit, monetary Default, material non-monetary Default or Event of Default shall have occurred and be continuing as of the expiration of the Current Availability Period;
(D) all representations and warranties made by any Seller Party in the Transaction Documents (other than those contained in Article 10(w), which shall be considered solely for the purpose of determining the Market Value and eligibility of the Purchased Assets, unless (i) Seller shall have made any such representations and warranties with actual knowledge that they were materially false or materially misleading at the time made; or (ii) any such representations and warranties have been determined by Purchaser in its sole and absolute discretion to be materially false or materially misleading on a regular basis), shall be true, correct, complete and accurate as of the expiration of the Current Availability P...
Availability Period Extensions. (i) Upon the written request of Seller to extend the Availability Period and provided that all of the extension conditions listed in clause (ii) below (collectively, the “Availability Period Extension Conditions”) shall have been satisfied, Purchaser may agree to extend the then-current Availability Period (each, a “Current Availability Period”) for a period not to exceed twelve (12) months from the expiration date of the Current Availability Period (each, an “Availability Period Extension”). Purchaser may approve or disapprove any request for an Availability Period Extension in its sole and absolute discretion. Purchaser shall respond to any written request for an Availability Period Extension promptly and in any event within ten (10) Business Days from receipt thereof.
Availability Period Extensions. (i) Provided that all of the extension conditions listed in clause (ii) below (collectively, the “Availability Period Extension Conditions”) shall have been satisfied, Realisation Agent may agree to extend the then-current Availability Period (each, a “Current Availability Period”) for a period, in each case, not to exceed one (1) year from the expiration date of the Current Availability Period (each, an “Availability Period Extension”); provided that, if Realisation Agent does not approve such extension in writing within fifteen (15) days after the date of such written request by Sellers, such extension shall be deemed disapproved. Realisation Agent may approve or disapprove any request for an Availability Period Extension in its sole and absolute discretion.
Availability Period Extensions. (i) Upon the written request of Seller to extend the Availability Period and provided that all of the extension conditions listed in clause (ii) below (collectively, the “Availability Period Extension Conditions”) shall have been satisfied, Purchaser may agree to extend the then-current Availability Period (each, a “Current Availability Period”) for a period, in each case, not to exceed twelve (12) months from the expiration date of the then- current Current Availability Period (each, an “Availability Period Extension”). Purchaser may approve or disapprove any request for an Availability Period Extension in its sole and absolute discretion; provided that, if Purchaser does not approve such request for an Availability Period Extension in writing within ten (10) Business Days after the date of such written request by Seller, such request for an Availability Period Extension shall be deemed disapproved.
(ii) For purposes of this Article 3(f), the Availability Period Extension Conditions shall be satisfied if: 67
Availability Period Extensions. (i) From and after the Availability Period Expiration Date, Seller shall have no ability to sell any new Eligible Assets to Buyer. For the avoidance of doubt, after the Availability Period Expiration Date, Seller shall have the ability to submit requests for Future Funding Advances in accordance with Article 3(j) relating to Purchased Assets that were subject to Transactions as of the Availability Period Expiration Date.
(ii) Seller shall have the right to extend, at Seller’s option, the Availability Period Expiration Date for two (2) additional periods of one (1) year each (collectively, the “Extension Options,” and each such option, an “Extension Option”). If the two initial Extension Options set forth above have each been exercised by Seller, Seller shall have the option to request two additional consecutive one-year extensions of the then-current Availability Period Expiration Date, in each case, subject to (A) prior written approval by the Buyer in its sole discretion and (B) Seller satisfying all of the conditions listed in clause (iii) below as of the Availability Period Extension Date being so extended. Any failure by Buyer to deliver such notice of approval of an additional request for extension within thirty (30) calendar days from the date of Seller’s extension request shall be deemed a denial of such request.
(iii) For purposes of this Article 3(i), the “Availability Period Extension Conditions” shall mean each of the following:
Availability Period Extensions. (i) Upon the written request of Seller to extend the Availability Period and provided that all of the extension conditions listed in clause (ii) below (collectively, the “Availability Period Extension Conditions”) shall have been satisfied, Purchaser may agree to extend the then-current Availability Period (each, a “Current Availability Period”) for a period not to exceed twelve (12) months from the expiration date of the Current Availability Period (each, aan “Availability Period Extension”). Notwithstanding anything to the contrary herein, in no event shall the Availability Period be extended more than two (2) times pursuant to this Article 3(f). Purchaser may approve or disapprove any request for an Availability Period Extension in its sole and absolute discretion.
Availability Period Extensions. (i) Upon the written request of Seller and provided that all of the extension conditions listed in clause (ii) below (collectively, the “Availability Period Extension Conditions”) shall have been satisfied, Purchaser may agree to extend the then-current Availability Period (each, a “Current Availability Period”) for a period, in each case, not to exceed twelve (12) months from the expiration date of the Current Availability Period (each, an “Availability Period Extension”). Purchaser may approve or disapprove any request for an Availability Period Extension in its sole and absolute discretion.